Revenue recognition

Easy management of work in process

Get a real time overview of your work in process to manage your finances.

In most companies, bookkeeping events such as invoicingand revenue recognition are handled by the finance department. In a modern project organisation, however, it is often beneficial to delegate these assignments to the project managers, who are the experts in their own projects. Our revenue recognition fully supports this mindset, making it easy for project managers to produce vouchers, soyou can monitor work in process without requiring access to the financial system.

The opportunities with TimeLog’s revenue recognition:

Separate revenue- recognised and invoiced values

Automated calculation of work in process

Know your company’s outstanding amounts in detail

Estimate your projects’ stage of completion

Distribute fixed-price project values to consultants

Read off values for work in process

For many companies working on large projects, calculation and reporting on the balance of work in process, i.e. the value of non-invoiced work, is a costly and time-consuming matter. More often than not, the project manager needs to retrieve data from several systems to provide the finance department or the auditor with vital information.

The revenue recognition process is very simple:

Every month, the project manager assesses progress in the project

The project manager then recognises the value of the work performed in TimeLog

The project manager then invoices the project in accordance with the customer contract

The financial department and the auditor checks the value of current projects

This check can be carried out at project, customer and company level

Revenue recognition enables you to separate invoicing and revenue recognition of company services.It is especially good for companies primarily delivering fixed priceservices or prepaid hours.